Research conducted by UK price comparison site MoneyExpert.com has revealed that motorists can benefit from a number of insurance discounts, which can be obtained through multiple insurance purchases with the same provider, by playing the loyalty card. However, this approach does not often pay, with only 13% of all motor insurers offering this benefit.
MoneyExpert.com is urging drivers to take advantage of any opportunity to slash their bills, as the average annual comprehensive motor insurance policy price hits an all-time high of GBP806 and is forecast to further increase.
Some companies have been found to offer a maximum of a 10% discount off motor insurance policies to customers who have other cover with them.
However, the biggest discounts found to be available are to customers holding motor cover who purchase other policies. These can be as high as 40% off buildings and contents insurance, MoneyExpert.com said.
Companies that offer such discounts include Norwich Union, Virgin Money and Direct Line, among others.
Sean Gardner, chief executive of MoneyExpert.com, said: With more than 190 comprehensive motor insurance policies on the market it’s surprising how few offer any kind of discount for multiple purchases. Loyalty should count for more.